t forever. mmm. [ male announcer see your authorized dealefor an incredible offeon the exhilarating c250 sport sedan. but hurry. offersnd soon. >> who do you trust from the leader you are supposed to trust may be can't he trusted? president obama: when it comes to telephone calls nobody's listening to your telephone calls. that is not for this proam is about. charles: tonight the proof the gornment is listening in an that's exactly what the nsa program is all about. welcome, everybody, i'm charles payne in for neil cavuto. the documents show the nsa is listening in on phone calls and collecting e-mails from ordinary americans and worse yet it is holding onto these rordings for five years. reasonagazine says it is tough to trust the government saying

one thing and doin another. seems like every day some new news comes out that just totally belies what we hear from the president. >> absolutely. we areot listening to phone calls isn't actually the original answer to the original question. the original question is can you listen to america's phone calls. he was asked again, it was do you know the phone calls. they say that is not something we do. is not someing we areor. everybody seems to be dodging th fact this is something they are capable of and something they do. the documents into the guardian, basilly what they said was casionally nsa analysts listen to american phone calls and they don't just, they pick up a conversation, they lisn to americans, they

don't just stop listening when they pick up an american conversation. the protocol says listen to the conversation as long as you need to to determine if it is importt. the data is stiil collected, the phone call is still collected and held for five yes. charles: everyone can agree a lot of phone calls coming into my house from yemen or the mountains of afghanistan i should be a target. maybe you want to delve a little deeper into what i am doing but if i call my cousin a couple of times in the phone call is picked up, there should ba distinction, it shouldn't be so hard to understand americans nt safety and we care about this but there should be a line in the sand as well. >> to op who say it shouldn't matter to you or you don't care,here are couple of obvious good response the federal government in congress have been adding an new crime per week to the code for the last several decades. there is a chance you are a

criminal. charles: that is a stat i have never heard before. >> we got the house over criminalization committee looking at rolling back federal law. basicallsaid at a hearing last week on average because we now have aroximately 4500 laws in the federal code that on average the congress has beendding about a law per week or a crime per week for the last several cades. when you think about all the possibilities for someone to commit a crime about any criminal intent you should be nervous about the government having access to your ivate communications. on thether hand, if you don't care about listening to your phe calls, is there anything you care about them seeing? i have shades on my window, a lock on my front door. charles: se peop value privacy just because they value privacy, not because they are trying to hide anying. what do you make of the pr effort this week, 50 terrorist

plots have been foiled since 9/11, do you think that has made a dent, doesn't mitigate the real headlines of what has happened? >> i have seen some of those claims debunked by conservatives and tech advocates by people all over the place, and i think there's anotr distinction to be made, could any of these events been avoided without tapping americans? there is a good argument they could have been. a lot e warted like everyday crimes are thwarted by good police work. ith is not require violating the foth amendment or pushing or stretching or even breaking the boundaries of established federal law. charles: fst of all you are fantastic, we appreciate it. i did not know new laws are giving new taxes a run for their money. >> they are neck and neck. charles: i appreciated, thank you for the news.

meanwhile millions are right about their privacy, president obama meeting with the privacy board to discuss the nsa scandal, but at this, meeting with them in private. the secrecy this adnistraon does not fit with the army. it is getting rse by t day. >> president obama is doing the same thing he did in benghazi. i am going to get to the bottom of i in doing that, what he hopes to do is preempt any gitimate inveigation and to co-opt the ess and do saying he is a good fellow, he cares about us, he knows how important it is so we ought to snd back and let him do hisork. the fact of the matter is he is very skillful public relations, and i think he has a serious ck of respect for the rights of the american citizen, couple ttat with grotesque sense

of how much power should be vested in government whether it is tax laws or invading our privacy. i have been fighting these issues for aong time, and there was an explosion initiative in the gernment after 9/11 when they wer able to couple their desire to snoop more into our lives with the questionow much privacy should we give up for secity. the fact of thematter is one of e things we fight for against people like al qaeda is the protection of our privacy rights. we should give up nothing on that. make them do diligent police work be it charles: that is a fantastic point. we give u our rights, what are we fighting for in the first place. you mentioned the public relations aspect of this. maybe this time it is not working. the polls have started to

waiver, sothing occasionally the mainstream media even picks up on. i don't know that this will fade away ever so easily. >>ir of all, charles, cap to understand they wrote the song the great pretender, that is what we have in the white house now. he is pretending to care, pretending to do something about it, but the fact of thmatter is when they went after members of the press he attacked the brotherhood, and all the sudden spending the last six months swooning over this guy said wait a minute, he is after us. and they have gotten serious about it. charles: president obama the candidate s against a whole lot of this stuff, hhas taken the same things yo he didn't lie and added steroids to them, would he be able to call out people like you who may be in the pastor for this sing you are just against me because i am

a democrat, president obama if president bush was in office, u would be okay with all of this. >> that is t true at all. years i was in congress, bute this president i believfeels he has right to direct an administration that gets away with what they psecuted nixon for talkinabout doing. john f. kennedy got away with watching the irs. the fact of the matter is it is not republican or democrat, it is if we as american citizens have the right to not fear our gornment coul. charles: dick armey, we thank you for your service and thank you for being on the show tonight, we appreciate it. the nsa not the only one stening in on your private stuff. every lawyer in america want to take a peek.

and then, burning bridges with wall street? maybe not. taking a punch bowl away could taking a punch bowl away could be just what t market needed. there is a pursuit we all share. a better life for your family, a tter opportunity for your business, a better legacy a betto leave the world.amily, we have always believed in this rsuit, striving to bring insight to every iestment, and integrity to every plan. we are morgan stanley. and wee ready to work for you.

charles: that top-secret nsa data could soon be making a not so top-secret appearance in court rooms. a florida lawyer requesting phone recordsrom the secreti agency claiming they will exonerate the client for murder charges. the government refusing to hand over that data to fox news leg analyst and the attorney on whether this means private information will become public information. this is kind of scary stuff. >> how necessary, the man's life is in the bance. either way, murder charges, it will risk all oo the liberty. i have to get this kind of information, if it is yours it can be done in camera, by motion. obably because of all the media interest surrounding the fact that had been a subpoena to verizon, that is why the lawyers said verizon actually gets rid of the records within a limited

period of time, maybe nsa has it. speaketurned out verizon had destroyed their records slay said i heard about this program and the maybe keeping these records nger than vezon and guess what, he was right. the point is this will have to be some fairness and wishing and mercedes is right. if somebody could be exonerated and there is a phone record, that will give way. in general kind get these records th court procedure and have the same national securies, i don't think people will be s successful autotically. >> ts happens once, it could ppen again over and over, the more the super private stuff starts to find itself in the courtroom with all of these different measures to lk about, different security parameters it could be anywhere. >> the courts have a lot of discretion because the doj will

come forward and say we are not going to release these records as natiinal security but they can say what are we doing here? we have to balance the rights of the government versus the rights of the individual with signifant charges against him. charles: can this dge in this se order the nsa to turn over records? yes, but i like your thinking. you have to be very careful here, give the government a fair opportunitis a national security is involve the judge can look at information in a particular case privately in camera, kin of a difficult term. the judge reviews it privately and perhaps call the attorneys in privately. charles: you can't make the federal government hand the stuff over. the judge had lot of discretion depending on it might not even be appealable because discretion the judge has on a case-by-case basis.

yes, lot of privacy issues that may be at risk talking privacy veus liberty, i think he is exactly right. talking marital disputes, i fell on a sidewalk, it is nogoing happen. when it comes to criminal. charles: so we have a distinction here. capital cases may be we start to let this stuff in, anything less than that, don't even ask. >> the judgesill follow, wait a second, let's beareful here. if an isolate case somebody's liberty is at stake, absolutely. charles: it is murr, somebody's life is at stake here, just another bloto this program that we were told it algorithms, we don't do anything, we just watched the algorithm in the computer, we

don't know who they are, they are faceless, nameless and yet it feels chip by chip by chip, guys, but it is not such innocuous type of deal. there is some real civil liberties. >> it fits broad parameters. 9/11 is still very fresh in our minds. that is when everything changed. the government said we have to step forward, be more aggressive, do a broad sweep because that is how we will ahead of the terrace. i guess that, but you ve to balance that against it. >> you'r you are rig, they commd arguin congress how bad it may be, and l of a sudden i get a trump card, we prevented 50 attacks. and then you don't have it. charles: i made the comment it is a can to an electronic version stop and frisk but we are also specs.

it is not like they're being selective about this. what the records of every single customer from verizon. we want gole, aol, all of you to hanover all the records and gives access to all of it. to your point in a case like this hopefully they are being very unie, but it could open up another can of worms with a very disturbing program at the stands already. >> the court will be very careful what it grants and what they don't. charles:et's hope so. listen, i don't want anyone to go to ja for murder, but golly, this program a gift that never stops giving. have a safe trip this weekend. facebook founder mark zuckerberg is selling immigration reform with the spark mil card from capital one, bjorn earns unlimited rewas for his small business take theseags to room 12 please. [ garth ] bjors small siss eas double miles

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charles: the facebook ceo is facing a ton of criticism. mark zuckerberg at the head of a group of 100 tech titans pushing congress for immigrati reform. same in a looser immigration rules we can get more skilled immigrants to come to this country. these folks are trying to help themselves instead of really fixing the problem. explain. >> these companies are thinking about themselves, not necessarilfor the solution for the country. wthey are looking at an increase which in the current senate bl takes it to 115,000. this gives them an opportunity to from an expansive pool of not only american workers business case for a workers' this helps them be more competitive in termsof bringing peoplinto their companies that can give

them innovative ideas that can help them in access to the companies. but the embassy group is airing a very different message to conservatives saying this is a conservative plan that the senate is proposing and as we know the conservatives are literally, except for bill o'reilly, rolling their eyesaying this is not a conserrative plan, you have to toughen up on border security. charles: your boys, e they tryingto help save the entire planet? >> i am failing to see what the ideological issue is. i don't know what is conservative about an immigration plan although i do understand what we're talking about. actually the issue over high skilled immigrants has been on the table for years, silicon valley for years has said it has trouble hiring the number of skilled ople of phd at once, it has wanted the ability to

hire more, it has never been able to do that because washington on both parties has sa we can't really get to your question until we solve this larger issue of immigration policy. what these companies is doing is quite appropriate. of course they are acting in their self-interest. that is what any shareholder would want to do, to act in their sf-interest. they are not trying to save the world by hiring more phd's. charles: a l of people say he is trying to have it both ways. >> some studies suggest 40% of the fortune 50companies are created that way. apple, google, oracle, colgate, ibm, home depot, boeing all treated by children of immigrants or immigrants. a better economic multiplier effect with a loosening up of

the visa program because instead of governmentpending you have companies created by entrepreneurs in fact one out of four for every job eated in the tech industry, for more jobs are created so it is a great multiplier effect. charles: a no-brainer to allow more smart people into the country. >> it has been bureaucratic for way too long. >> i agree with that. if you look at the congressman's bill in the house, theyave this version where they would allow for more graduates, increase to 155,000, more than what we see in the senate bill. this is good it allows for greater competition and also so that the companies are able to pickamongst qualified workers. so i think at this point high

school workers is something we need in our country, and it is helpful. charles: do we hold the high skilled workers coming in as hostage for the rest of the bill? yoid you didn't understand the ideology but it is clearly politics or we would have had immiation bill a long time ago. what do you make of that someh it is being hung in the balance until everything else is figured out? >> you are right. as i have said many times, democracy is generally a good thing, but extremely ugly, so to ke the observationhat one part of what we're trying to accomplish is being tied to another part of what we're trying to accomplish is nothing earth shattering, that ust the way it is. to marriott to this other part of the legislation. en i said i don't understand how this is conservative or liberal, iyou listen to what the program is trying to accomplish, there is nothing

conservative or liberal about it. i don't think there's anything conservative abouthe republican opposiiion to the immigration bi as it stands, they are just against immigrants. charles: you havthe last word. >> that is outrageous to say republicans are anti-immigrant. >> people against the bill seem to be. >> they want tmake sure the border is secure first. we don't want to see what happened in 1986. >> you won find one american against secure borders. >> ended up th an influx of illegal americans. it has become with border security and modernization of the thesis system. it is outrageous. >> i don't think it is outrageous, you won't find anybody who disagrees with the statement.

charles: talked about all the great compani created in this country because immigrants, these people you are talking about don't like immigrants, they are the sons and daughters of immigrants, why would it not like immigras? >> great point. chars: i will give you the last poi. >> stop being so liberal on it. charles: we have 2 million jo going begging, we need albert einstein of the world to come to this country and we need border security. it was fantastic, really appreciate it, he a great weekend. lawmakers are saying they should get the heave, not just republicans. both parties joining forces and that could force eric holder out. at od, whatever business you're in, that's the business we're in.

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forget him. my airline miles will take your game worldwide. what i'm really looking for is -- i got two rds for you -- re-wards. ♪ there's got be better cards than this. [ male announcer ] ere's a better way with creditcards.com. compare hundreds of cards from all the major banks to find the one that's right for you. it's simple. search, compare, and apply at creditcards.com. first round's on me. charle attorney general eric cole are holding his job, r now. but maybe not for long. six in six republicans a accounttng coffee attorney general's resignation and 7 democrats waiting to hold them in contempt. the attorney general is running out of support and running out of time. chris. that is a true fact. the situation with the attorney general right now is that he is much detested on the right but has become quite inconvenient on

the left for democrat he is an ever present reminr of some of the things the liberal base dislikes the most particularly overaggressive tactics in dealing th rorters and dealing with leaks. there are things in the past, the fast and furious most notably but when it gets to things like the associated press and overbroad subpoena for associated press records and james rosen e-mail accounts and phone records, that's when democrats starts to get a little queasy and the longer he is there and republicans can continue to demand his departure the more uncomfortable democrats will become. charles: president obama must realize he has become such an extraordinarily lightning rod every time his name comes up in the press is always in a negative manner. >> there is that, but remember this, it is a complicated thing for the president, president obama doesn't have very many people w have been around and have much washingttn

experience. eric holder is an old hand in washington dating back to a key role in the obama administratioo. he knows his way around this town, he has a lot of friends on e inside. the her thing that is important is just as ericolder may discomfort some on the left and whate did with the department of justice and the reporter records, he is also a hero too many on the left for his efforts to try to try accused terrorists for his very agesve civil right unit at the agency, so the president will pay a price especially with doesn't sound like it is on good terms. charles: to talk about his experience but also a personal relationship. can we say that eric holder, he is president obama's boy, does that play a role also?

>> i don't know what level of friendship they have, but he has been described as the prident's conscious. sort of consentious liberal inside the administration becausein the president doesn't have a lot of people who know how the system works but are also ideologically peer as holder is. a conscious, the lodestar for as what iought to look like. charles: chris, if this does happen, if we started out talking 66 republicans and counting, 17 democrats, wld it happen before the midtm elections? >> certain the democrats would hope so. republicanself-intest we would hope holder continues to be found in contempt and is a distraction for an administration that has plenty of problems on its hands. i suspect the timing of this will come may be in august, mae a little later but you

wait for a quiet moment in the attorney general decides he will pursue for other interest. the problem then becomes who is confirmable by the united states senate to replace him, that will be a tough . charles: had to spend more time with the family. it has been a rou couple of years he had think lot, really appreciate it. soon you can tt, suite, email cavuto while driving. it could be driving the auto industry off a cliff. and the brawn now ready to serve up a big win for the white house. really. ♪ [ agent smith ] i've found software that intrigues me. it appears it's an agent ogood. ♪ [ agent smith ] ge soware connects patients to nurses to the right machines

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charles: on the longest day of the year it is time for an extra long blitz. welcome to the summer solstice edition of "the blitz." we have some real hot issues. issue number one, you think

recalls are bad, now wait until the next generation of cars. volvo the latest to build a car that parks itself. so, with aon of recalls this month ale, how badly would all ge >> i never thought i would say this in a million years, but how smart are the cars going to get? the imagine the lice reports? i wasn't driving, my car did it. i don't know where this is going to go, this will be like t law of unintende consequences. recalls will go up. the tort system will come under fire and an indirect impacon earnings the first time a cars find liable for an accident the driver did not cause. charles: will the have the car testify at the trial? all of these smart devices, i am getting dumber as the world is getting smarter. >> i'm dappointed, i grew up watching the jetson. i thought it would have a flying

car by now. i will be very disappointed wh i get cut off a parking lot by somebody, they get the parking lot before me, i want to road rage at them and they are not there. this is a recipe for recal, but so what, part of the autotive business. charles: good for the chip companies. alec baldwin, listen up. it turns out you were cked off the flight for nothing. for years ssengers have been punished for not turning off the devices during takeoff, now the faa says there is no proof in flight gadgets pose a risk. so why the rush to judgment? >>

whathey are struggling with his catching something that will change the way we live. i spent a femore billion to be tan off that cap. charles: you said it would be the jetson's time by now. i am n impressed by any of these guys now.

a little feature here or there, they had to stop and blow us away. >> what are they goingdo, come up with a chip you put in brain and you don't even have a device? all of the technologicalceó provements you will see from he will be incremental. this one takes a little t better picture than that one. this one has this function a little better than that function. it is a device, a commodity now and samsung is basically getting to the point it is beating apple in finding out it is beating itself because the competition is gottenso tough these are basically commities and you guys are right unless they come up with new technology, will be due. will i wait overnight like a grateful dead groupie to get the next iphone? i don't think so. >> the next slogan will be so good even the nsa can listen to -@your chip. charles: the less executive pay them more than half of last year

as a company continues to report bad earnings. can another company learned something from this? actually connting pay to performance. >> what a concept. interesting thing to me about this is it is about time as far as i'm concerned. you ask the guy o owns the gas station, coffee shop, lawyer, doctor, you don't sl come you don't eat, you don't eat, you don't feed your family. it is taking the executive to task for this. >> i noticed this was a taiwanese company, not an american company so that speak volumes. they lost half their pay and still light years ahead of what the average guy in taiwan mas. there is obviously room to cut and there is room to cut even more. pay for performance, that is what they always say on the upside, where is the performance? charles: they couldave been

candid in ngapore for missing the numbers. i can tell you that right now. >> they would have a car to drive them home afterward. charles: you have to lay down in it. it is interesting this week we saw the guy from men's warehouse get dumped, we could go the woman at lululemon get dumped, it feels like in america maybe they are not cuttingay but there is more accountability coming o >> you justentioned to ceos o did very well. george zimmer has done fantastically and the ceo of lululemon has done well. we were just tking about calls in the automotive industry. it was not a reason to step down. what bothers me are the bad ceos are the ones getting fired. chles: i know you wanted to say something. >> i am righthere with you. the bad ceos are not getting

fired. the good ceos are actually getting canned. something is wrong with that equation. charles: see you guys later. all right, and nba star, oh my. every day something crazy ccmes out about the health care law. out about the health care law. now the need basketball s there is a pursuit we all share. a better life for your family, a better opportunity for your business, a better legacy to leave the world. we have always believed in this pursuit, striving to bring insight to every investment, and integrity to every plan. we are morgan stanley. and we're ready to work for you.

charles: while lebron is celebratin you should worrying. things are getting weird and desperate for the health care law. he details the government wants the nba to help sell it. and felons to operate it.

accepting convicted felons given access to your confidential health information. she is appalled, the people with records, so many people with records who have access to your record. it is just crazy stuff. >> what the program will do is give federal money to these navigators helping people sign up for obamacare, health insurance and these people are then going to have access to your social security numbers, access to your income report, and the rebate is dangerous dangerous is because the health and human services department set the standards so low to become a vigator, a convicted felon can become one. these people will have aess to all of your personal information. charles: you know, michelle, i remember wn they announced the program and you talk abo transparency, it seems like a get out the vote sort of thing. they go to your home, we'll tell

you about the program, a platinum, ld, silver, bronze and you should register to vote while i am here. they will be paid top dollar to do this. >> oh, yeah. this will lead to identity theft, fraud, and really we should be intimate in programs that have safeguards that protect people's privacy but the concern right now r the obama administration isn't about how to implement the obamacare law -@as good as possible. the number one concern for them isoing pr for obamacare. that is why they're trying to team up trying to get some basketball players to sell obama cares weight have lebron james as an obamacare spokesperson. charles: let'salk about that. leon is not chea >> the government dsn't have an a they have tons of money they can spend on lebron james. charles: how did they come up with the nba, not the nhl? >> i am not sure.

maybe obama is a n. i don'know where they cacame up with it but the idea we will now inject politics into sports, i feel like sports is the only institution where there n't this partisanship now wwill have players speaking on behalf of obamacare, such a partisan law. i think it is unfair. charles: i agree with you. at least sports is not like hollywood, for me a whole bunch of hypocrites who come out all the time, zero idea about but don't do it to our sports stars. leave these guys alonelet them duke it out on the field or the baetball court and let us enjoy it without thinking about the health ce law. >> exactly. if they team up with the nba, that is what is going to happen. the only institution there isn partisan politics and this politicization in the industry and what they ought to be focusing right now is on the

implementation of obamacare. it hasn't even been implemented and we see sma business owners freezi hiring, they are not hiring as many people and their kicking people out, they are scared of amacare. charles: how ironic would have e been busily making $80 milli per year to promote a program that will see a whole lotta lotf people see their weekly hours worth go from 40 down to 29 so they don't get hiwith the obamacare penalties. >> exactly. it will be awful if they do this. charles: mhelle kelly have always been great with this. >> thank you. charles: what i told you the biggest threats to this summer is not zombies taking over, it is really been, who is finally rolling over and the market with the spark cash card from capital one... boris earns unlimiterewards for his small business. can i get the smith contract, ease?

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charles: the first day of summer and for wall street could be a bummer. wind to wind down the seamless program sending stocks diving big-time liz macdonald says anding the supports actually a good t thing. we brought her back anyway. at omissions he also. what you mean? >> listen, if we stayed even longer in this we would have a long bumpy winter. even worse than what they were feeling now. i think thartificial stimulus is bad for the markets, you see in certain currencies to my duties very junk level corporate bonds. not everybody's boat is so great and deserves to be floated. a lot of assets were recittd to levels we should not have been and now back to the basi, back to fundamentals, back to solid corporate earnings. charles: take the medicine now

even tugh it is painful, aot less painful than later. >> extly. >> i feel it is attachment parenting is what i call it. so dependent on the parent it can't let go. we saw this in the past couple of days where in fact they were thinking the feds were too optistic so they are getting very optimistic and the effect on the stock market in the end we havto a ourselves is this economy ready. therthey see bernanke stepping k saying it will not happen immediately but it is going tt happen. it has the investors very concerned. charles: and economy bumping along at 2% per year, is it worth it? >> we should not lose sight of the fact ben bernanke, is reflected the most basic level the economy is improving. we are not facing the crisis we have faced for so many years now.

reacting to what the meanings of these things are, but i choose to see it as the cup half full, getting the worst behind us. which is very encouging news. charles:t them, what do you make the idea of the stock market should come down hard and fast what is supposedly good news. >> everyone who is in the market has to choose what it is they are interested ins an investor please send i am an investor. i don't care wt happens today or yesterday with my personal investment in the way i approach the market, that is sobody else's problem. those people i am not saying they'rr using poor judgment or ting irrationally, i choose to understand tt the long-term is

looking pretty good and the market coming down hard is not my concern today. charles:ore to yourpoint the fed is not going to stop this stuff overnight and when they do they will taper. it may not be 85 billion per month, that is still a time bomb making it larger. >> they could restart it again, they could restart and i have ne it twice before buying the bonds again. charles: kind of like you tell your kid you can't have this but if they throw a temper tantm yogive it to them anyway. coaxing them into not gettg so whiny about all of this. >> to have got to let go of the pacifier. we're also having to have a couple of factors. china's growth is slowing down and have a look at what is going

on in the world an in the natiol monetary fund pering off over to crease. this will ha impacts. >> that is a great point. the question the wall street wrestles with his has the stock market gotten ahead of the recovery and i would say this, on evaluation basis by certain measures stocks are still histically cheap compared to what they were back in '93 even back to 1994. charles: at them. >> despite what it looks like the fed concern is not to prop up the stock market, that may be the result of what the fed does. it is to ensure the safety of the economy. if you want to bring it back to the child, to make sure the child is safe, right? that is the primary concern. the economy is getting better, in theory the stock market will

be okay and i thk liz makea very valipoint. the market is getting ahead of itself or miss analyzing the recovery. the recovery is solid. charles:'s stance with theed is trying to do and have always trieto do is kick off the virtuous cycle. grading an illusion they are much better, your house is worth more, this makes people go out and shop, the shopkeeper his more people and they in turn have a job now and spend and the next shopkeeper hires someone now we have this virous cycle, positive cycle and it seems t matter what ben bernanke tries to do it does not click, it has not clicked in yet. >> in fact it has clicked. we are in a period of economic growth, we can date the level, it is not satisfactory and so on. the hope is when you do all these things and there are other forms of stimulus other than the

kind we are discussing, the economy takes on a life of its own. we can debate if we're in a siation like that. charles: isn't it contradictory to say the fed has to pump in money,ut the economy idog well? >> slow ecomic growth. letting go of the dependency they have on the government in terms of the era of easy money. when you look at for e example st. louis reserve federal reserve president who came out today saying ben bernanke's comments were premature and inappropriately t timedthere is something to be said that it causes such chaos in the stock market. charles: i am inclined to age with elizabeth macdonald in the sense american corporations are doing well, much better overseas robbing the bottom line but the federal reserve put us

in something of a bind taking on too much risk and i fofor one would be very happy when they pull the ug on all of this stuff. absolutely fantastic, appreciate your liz: "money" with melissa francis is next. melissa: i am melissa francis enters what is "money" tonight. crisis management for the fed. they said bernanke never should've opened his mouth this week. with the fed making a financial mess, how to prepare with what is coming next. and surviving the apocalypse in style. california developer opening the world's largest doomsy shelter and resort. where do i make my reservation? man behind it is with our spirit and who lost money to a? so much money it would make john rockefellercry. even when they say t is not, it is always about "money."